ADB lowers India's GDP growth to 10%
The Asian Development Bank (ADB) in last April made a forecast on 11% growth; It identifies businesses and consumers as better prepared to adapt to the new waves and containment measures than a year ago.
image for illustrative purpose
The Asian Development Bank (ADB) has reduced India's economic growth forecast for the current financial year to 10 per cent on Tuesday, from 11 per cent projected in April, on account of the adverse impact of the Coronavirus pandemic.
India's GDP growth recovered to 1.6 per cent in the last quarter of fiscal year ended March 2021, narrowing contraction in the whole fiscal year from eight per cent estimated in April to a revised 7.3 per cent, the multilateral funding agency said in the Asian Development Outlook (ADO) Supplement. "Then a second wave of the pandemic induced many State governments to impose strict containment measures. New Covid-19 cases daily peaked at more than 4,00,000 in early May, then fell to a little over 40,000 in early July."
